Perth Mint sold diluted gold to China, got caught, and tried to cover it up

The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or “doped” bullion to China and then covering it up, according to a leaked internal report.

The doping program began to unravel in September 2021. Shanghai Gold Exchange alleged two bars contained too much silver and were non-compliant with its specifications.

Fearing a major blow to its reputation, an internal investigation was ordered on the same day the complaint was received.

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The investigation made clear just how much was on the line if the SGE went public.

“If SGE – Gold Corporation’s pre-eminent exchange client – had made public that they had issues with Gold Corporation bars … the impact of negative public statements on the business could be very significant,” the internal report said.


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